Praemium has announced that Rachel Axton will be joining the firm on 17 July 2023 as chief governance and risk officer.
Ms Axton brings more than 25 years of experience in financial services working across a range of wealth management providers to the role.
She joins Praemium from Netwealth, where she served as chief governance officer. Before this, she served as an executive manager for risk and compliance at Commonwealth Bank of Australia.
As chief governance and risk officer, Ms Axton will be reporting directly to chief executive officer Anthony Wamsteker, who noted that she will be a “tremendous addition” to Praemium’s leadership team.
“She will lead our risk management, compliance, company secretarial, legal, outsourcing, and supplier management activities. This appointment will bolster Praemium’s risk management bench strength at a time when challenges in areas such as cyber security have never been greater,” he said in a statement to ASX on Wednesday.
“With the recruitment of Rachel, we have now completed the renewal of Praemium’s executive leadership team.”
Namely, her appointment marks a complete “refresh” of Praemium’s leadership, which commenced when Mr Wamsteker was appointed CEO in August 2021.
In the intervening period, executive appointments were made for:
- Chief financial officer – David Coulter
- Chief product officer – James Edmonds
- Chief strategy officer – Dennis Orrock
- Head of people and culture – Angela Godfrey
- Chief technology officer – Richard Large
“The new team has the experience and capability to ensure Praemium is positioned to realise the full potential of the market opportunity in wealth management platform and related services for Australia’s leading financial advisers and clients,” Mr Wamsteker added.
In April, Praemium reported an 8 per cent boost in its total funds under administration (FUA) from 30 June last year to $43.7 billion.
In the March quarter, the firm revealed its financial year to date net inflows reached $1.24 billion compared to $2.63 billion at the end of March last year.
Mr Wamsteker said at the time: “Investor sentiment has remained subdued in the wake of previous quarters of high market volatility. Nevertheless, the March quarter of the 2023 financial year has seen both Powerwrap and Praemium’s SMA (separately managed account) scheme continue to generate positive net flows.”
